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 uestion 29 of 29 -/9

Accounting

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 uestion 29 of 29 -/9.5 Current Attempt in Progress Equipment that cost $406,200 and Ras accumulated depreciation of $316,100 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange Gain recognized $ Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment (Cred counter automatically Indented when the amount is entered. Do not indent manually Que Account Titles and Explanation Debit Credit